The power to make and alter bylaws or rules and regulations for the management and operation of the works of the association, the distribution of the waters thereof and the control and conduct of its business and affairs shall be in the shareholders or members, but the incorporators may, in the certificate of incorporation, confer such power upon the directors, trustees or governing board. Bylaws or rules and regulations made or altered under power so conferred may nevertheless be altered or repealed by the shareholders or members.